en.Wedoany.com Reported - Southern Copper Corporation, a subsidiary of Grupo México, has announced the completion of a $1.25 billion financing through a bond issuance in the New York market, with an annual coupon rate of 5.35% and a maturity date of 2036. The proceeds are primarily intended for the development of the Tía María mining project.
The Tía María project has an annual production capacity of 120,000 metric tons of refined copper, utilizing next-generation ESDE technology and adhering to international environmental standards. Operations are expected to commence in the third quarter of 2027, and the project has already created 5,300 jobs, including local labor.
During the first 20 years of operation, the project is projected to generate substantial revenue for the Arequipa region, with estimated exports of $24.1 billion and contributions of $6.2 billion in taxes and royalties. The total project budget is $1.802 billion, with $948 million already committed.
Southern Perú Copper Corporation (SPCC) stated that it is promoting social projects in the Islay province and the Arequipa region, focusing on education, health, and productive development, aiming to improve agricultural productivity and reduce costs through technology. Additionally, the company is building health centers, high-performance schools, research centers, and roads—such as infrastructure—through a "works for taxes" mechanism.
Meanwhile, SPCC continues to advance the Michiquillay project in Cajamarca, a deposit considered world-class with an estimated annual production capacity of 225,000 metric tons of copper, along with by-products such as molybdenum, gold, and silver. The initial mine life exceeds 25 years, with an investment of approximately $2.5 billion, and production is expected to begin in 2032.
SPCC noted that Peru's openness to private investment, support from local communities, and respect for the rule of law have created favorable conditions for its investment plans in the country.
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